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Discounted Cash Flow (DCF) Analysis Unlevered


Aptevo Therapeutics Inc.

Aptevo Therapeutics Inc. (APVO)

Healthcare

Operating Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 45.6333.6036.4414.6623.0721.9020.7819.7318.7317.77
Revenue (%)
EBITDA -49.69-58.43-123.58-50.82-49.27-51.77-49.14-46.65-44.28-42.03
EBITDA (%)
EBIT -51.71-61.34-126.94-53.95-51.66-54.14-51.39-48.78-46.30-43.95
EBIT (%)
Depreciation 2.022.913.363.132.392.362.242.132.021.92
Depreciation (%)

Balance Sheet Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 3.594.649.687.0930.7410.079.569.078.618.17
Total Cash (%)
Account Receivables 13.826.464.282.145.224.314.093.893.693.50
Account Receivables (%)
Inventories 17.6320.326.641.031.795.785.495.214.954.70
Inventories (%)
Accounts Payable 11.4710.0811.497.3511.678.217.797.397.026.66
Accounts Payable (%)
Capital Expenditure -0.99-1.532.511.400.980.610.580.550.520.50
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.6,314
Diluted Shares Outstanding 22.50
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.05
Risk-Free Rate
Market Risk Premium
Cost of Equity 22.46
Total Debt 19.28
Total Equity 14.21
Total Capital 33.48
Debt Weighting 57.57
Equity Weighting 42.43
Wacc

Build Up Free Cash

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 45.6333.6036.4414.6623.0721.9020.7819.7318.7317.77
EBITDA -49.69-58.43-123.58-50.82-49.27-51.77-49.14-46.65-44.28-42.03
EBIT -51.71-61.34-126.94-53.95-51.66-54.14-51.39-48.78-46.30-43.95
Tax Rate 1.16%3.29%12.01%142.71%0.00%31.83%31.83%31.83%31.83%31.83%
EBIAT -51.11-59.32-111.7023.04-51.66-36.90-35.03-33.25-31.56-29.96
Depreciation 2.022.913.363.132.392.362.242.132.021.92
Accounts Receivable -7.372.172.14-3.080.910.220.210.200.19
Inventories --2.7013.685.61-0.76-4.000.290.280.260.25
Accounts Payable --1.391.40-4.144.32-3.47-0.42-0.40-0.38-0.36
Capital Expenditure -0.54-4.041.110.430.360.030.030.030.03
UFCF -49.09-52.59-95.1230.89-48.36-40.74-32.66-31.00-29.42-27.93
WACC
PV UFCF -45.79-32.66-27.58-23.29-19.66
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.41
Free cash flow (t + 1) -31.47
Terminal Value -374.22
Present Value of Terminal Value -208.50

Intrinsic Value

Enterprise Value -
Net Debt -11.46
Equity Value -
Shares Outstanding 22.50
Equity Value Per Share -